What is a Parlay Bet?

A parlay, also known as an accumulator or acca, is a bet that combines multiple selections into one larger bet. For your parlay to pay out, you need all the legs in the bet to be successful.

The big draw of a parlay is that you can stake relatively small amounts and still have the potential to win a large payout. That said, with each leg you add, you also increase the risk that the bet will fail, so it’s important to strike a balance.

Key Takeaways

• A parlay is a single bet made up of multiple selections: You combine two or more bets into one wager for a higher potential payout.
• Also known as an accumulator (or acca): Different terms are used depending on the region, but they work in exactly the same way.
• All selections must win: Every leg of the parlay must be correct for the bet to pay out.
• Payouts increase with each added leg: Combining odds leads to significantly higher potential returns.
• Risk increases at the same time: Each additional selection makes the bet harder to win.
• Lower long-term value than single bets: The sportsbook’s margin compounds across each leg, reducing expected value.
• Best suited for entertainment, not strategy: Parlays are popular for big wins from small stakes, but are not typically optimal for consistent profit.

What Is a Parlay Bet?

A parlay bet is simply a bet that combines two or more selections, known as “legs”, into a single wager. To win a parlay, every leg must be correct.

There isn’t a cap on how many legs you can include, and while more legs mean higher potential returns, they also significantly increase the difficulty of winning. The main appeal of a parlay is the enhanced payout potential you can generate from a relatively small stake.

To really understand how a parlay works, let’s run through an example:

You might bet on the Boston Celtics to beat the Miami Heat in the NBA and the Patriots to beat the Bengals in the NFL. For this two-leg parlay to win, both of those results must happen. If one leg loses, the entire bet loses.

Parlay vs Accumulator: What’s the Difference?

Many bettors come across the term and ask, “What is an accumulator in betting?” In short, there is no functional difference between a parlay and an accumulator. The term “parlay” is primarily used in the US, while “accumulator” is more commonly used in the UK and other regions.

You’ll typically notice the terminology change depending on where a sportsbook is based or which audience it is targeting.

So in the parlay vs accumulator debate, there is no difference in how these bets work or are applied. If you understand what a parlay is, you understand what an accumulator is.

How Do Parlays Work?

As mentioned, parlays combine multiple selections into a single bet. With each additional selection, you increase the potential payout. In simple terms, you add more legs, the sportsbook combines the odds for each, and you end up with a multi-leg bet with much higher payout potential.

The key thing to remember is that with each leg you add, you’re also increasing the risk. If one of your legs loses, the entire parlay loses. If one of your legs pushes, most crypto sportsbooks will remove that leg and recalculate the odds for the remaining selections.

You can get creative with your parlays, too. You don’t just need to bet on match outcomes, but can also include spreads, totals, and player or team props. To see how this works in practice, here are a few example legs you could choose:

• LA Lakers moneyline vs Golden State Warriors
• Kansas City Chiefs -3.5 vs Las Vegas Raiders
• Manchester City over 2.5 total goals vs Tottenham
• LeBron James over 25.5 points vs Golden State Warriors

Each of these selections becomes one leg in your parlay. They can come from different sports, leagues, and bet types, but they all need to win for the bet to cash.

Parlay Odds and Payouts Explained

Parlay odds and payouts are calculated by combining the odds of each selection into a single total price. Every time you add another leg, the overall odds increase, which means a higher potential payout. That is the main appeal. At the same time, each extra leg makes the bet harder to win since all selections need to be correct.

In most cases, sportsbooks combine odds by multiplying the implied probabilities of each selection, which is why payouts grow quickly as you add more legs.

For example, if you combine two bets priced at around -110 each, your total odds would come out to roughly +260. Let’s say you bet on the LA Lakers moneyline and the Kansas City Chiefs spread, both priced at -110. A $10 stake at +260 odds would return about $36 (including your stake) if both selections win.

This would be a straightforward two-leg parlay with a reasonable chance of paying out. If you start adding more player props or additional moneylines, spreads, and totals, the potential payout increases significantly, but it also becomes much more difficult to get every selection correct.

Types of Parlay Bets

You can create standard and same-game parlays, as well as use related bet types like teasers and round robins. Within each parlay, you can use various markets, but there are a few common formats and variations to be aware of.

Standard Parlay

This is the most common type of parlay. With a standard parlay, you combine multiple bets from different games or sports into one wager. Every leg must win for your parlay to pay out.

Same-Game Parlay (SGP)

A same-game parlay works similarly to a standard parlay, but all selections come from a single event. For example, you might bet on the Kansas City Chiefs to win and Patrick Mahomes to throw more than 2.5 touchdowns. Sportsbooks often adjust odds in same-game parlays to account for correlations between selections.

Teaser Bet

A teaser is a type of parlay where you adjust the spread or totals in your favor across multiple games. This makes each leg easier to win, but reduces your overall payout compared to a standard parlay.

Round Robin

A round robin involves selecting three or more markets and splitting them into multiple smaller parlays rather than placing one single bet. This means you can still return a profit or partial payout even if not all selections win, depending on how many combinations hit.

Why Are Parlays So Popular?

From the potential payouts to the excitement of multiple legs hitting, parlays have become increasingly popular with sports betting fans. Here’s why:

• They give you the chance to turn a small stake into a much larger payout
• Easy to build and customise on most sportsbooks
• Makes betting more exciting by having multiple outcomes in play at once
• Heavily promoted by bookmakers due to their high-risk, high-reward nature

Risks of Parlay Betting

An all-or-nothing structure means one losing leg wipes out the entire bet, and every extra selection you add makes it significantly harder to win. On top of that, parlays usually offer lower expected value than single bets, since the difficulty increases with each added outcome.

You’ll also find that sportsbooks build in a larger overall margin into parlays compared to individual bets, as the edge compounds across each selection. While parlays are a lot of fun and can offer big potential payouts, they are generally not the most effective option for long-term profitability.

Are Parlays Worth It?

It depends on what you’re looking for from your betting experience, but parlays can be appealing for their low-stakes, high-return potential. If you’re betting for entertainment and want the chance to hit a large payout from a small wager, parlays are a good option.

The main upside is that you can stake small and still win big.

For newer bettors, the multiple-leg format can feel a bit daunting at first. For those focused on long-term profit, however, parlays are generally not the best approach, as they carry higher risk and typically offer lower expected value than betting on individual markets.

How to Place a Parlay Bet

If you’re keen on placing your first parlay bet, here’s how to get started:

1. Select your first bet: Start by choosing a game and a market that appeals to you, such as a moneyline, spread, or total. Click on the odds to add it to your bet slip. This becomes the first leg of your parlay.
2. Add more selections to your bet slip: Continue browsing and add additional bets to your slip. Each new pick increases your potential payout, but remember that every selection must win for the parlay to cash.
3. Review the combined odds and potential payout: Your bet slip will automatically calculate the total odds and show what you could win if all your picks are correct. Take a moment to double-check your selections.
4. Enter your stake: Decide how much you want to bet. Your potential payout will update instantly based on your stake and the combined odds.
5. Place the bet: Once you’ve reviewed all selections and your stake, confirm and place your bet.